MercoPress. South Atlantic News Agency

Uruguayan president in China to promote trade and investments

Honours' Guard for Pte. Vazquez at People's Palace

Visiting Uruguayan president Tabare Vazquez and his Chinese counterpart Hu Jintao called Monday for “firm results” from the coming G-20 summit in London next week according to reports in the official Chinese press.

Vazquez arrived at Beijing last Saturday for an official visit with the purpose of promoting trade, investment and cooperation with Uruguay’s second trade partner. Bilateral trade last year reached 1.6 billion US dollars, with Uruguayan exports totalling 600 million US dollars.

On Monday Vazquez was received by Hu Jintao at the People’s Palace.

“China expects the coming London summit will help increase dialogue and efforts so the meeting comes up with firm results”, said President Hu Jintao quoted by the Chinese news agency and the official television.

President Vazquez was quoted saying that hopefully the “London meeting will come up with results to build a new global financial system and reduce the financial crisis impact on developing countries”.

Hu Jintao said that China wants to reinforce cooperation with other developing countries “such as Uruguay”, with which this year Beijing is celebrating the 21st anniversary of the establishment of full diplomatic relations.

Vazquez who is visiting China with several ministers and a delegation of seventy businessmen said he would like China to have closer links with Mercosur, the South American customs union which includes Argentina, Brazil, Paraguay and Uruguay as full members, and Chile, Bolivia, Peru as associate members and Venezuela in the process of full integration.

Energy and Industry minister Daniel Martínez said the presidential meeting followed by the signing of several complementation and cooperation agreements “was extremely cordial” and full of recognition and praise for Uruguay.

“We are considered a country where China has been able to expand commercially and where Chinese companies have found a very favourable atmosphere for investing with clear rules of the game and local support”, said Martinez.

The minister added that China intends to keep advancing with Uruguay in other fields than trade and investment such as science and technology, sports and tourism. However Martinez revealed that Uruguay is negotiating an update of the investment agreement, but did not reveal more details.

On Tuesday Economy minister Alvaro Garcia is scheduled to address a forum of Chinese and Uruguayan businessmen when he will inform about the Uruguayan economy and its regional context. Hopefully his words will help trigger the Uruguay business round and further promote trade.

The Uruguayan mission to China is “eminently commercial” according to the Uruguayan Presidency site. Uruguay’s exports dropped 20% in February following similar negative swings in January, 5.3% plus 5.8% in December and 8% in November.

President Vazquez is also scheduled to meet with Premier Wen Jiabao and the president of the National Assembly Wu Banggu. The business delegation will also be travelling to Shanghai.